September 2019: Residential Real Estate

The housing market of Southern Nevada has been showing signs of stability in the supply-demand department. There’s nothing new to report monthly because metrics are unchanging. Residential real estate has been stagnant as seen in the past months. There is appreciation over the past 7 years at just 1.7% yearly.

GLVAR President Janet Carpenter said that there are more homes in the market. The inventory is high due to the number of expired listings. Furthermore, nobody is interested in the seller’s price. This is good for the buyers because:
1. There are more homes to choose from.
2. The rate of annual appreciation has been slowing down.
3. Interest rates have been dropping noticeably.

Sales have a slow start this year. The figure may not be on par to last year.